*For HSSC paper

*Title: Reverse mixed-ownership reform and firm organizational resilience: Evidence from privately-owned enterprises in China

global basicvars Size_0_w Lev_0_w ROA_0_w ATO_0_w TobinQ_w FirmAge_w

global allvars Size_0_w Lev_0_w ROA_0_w ATO_0_w TobinQ_w FirmAge_w  Cashflow_0_w INV_0_w Growth_0_w  

*Summary

sum Score_w soedum $allvars 

*Correlation

corr Score_w soedum $allvars

*Main regression

reghdfe Score_w soedum , a(code year) cluster(code)
reghdfe Score_w soedum $basicvars , a(code year) cluster(code)
reghdfe Score_w soedum $allvars , a(code year) cluster(code)

*IV

ivreghdfe Score_w (soedum=ratio_1_w) $allvars ,a(code year) r  first

*PSM

pstest  $allvars , both graph

reghdfe Score_w soedum  $allvars if _weight!=. , a(code year) cluster(code)

*Robust

1. Prov-Year & Industry-Year FE

reghdfe Score_w soedum , a(code year prov_year Industry_year ) cluster(code)

reghdfe Score_w soedum $basicvars , a(code year prov_year Industry_year) cluster(code)

reghdfe Score_w soedum $allvars , a(code year prov_year Industry_year) cluster(code)

2. Replacing independent variables

reghdfe Score_w soeov_w , a(code year) cluster(code)

reghdfe Score_w soeov_w $allvars , a(code year) cluster(code)

reghdfe Score_w Soeboard_w , a(code year) cluster(code)

reghdfe Score_w Soeboard_w $allvars , a(code year) cluster(code)

3. Other potential endogeneity issues

reghdfe Score_w soedum $allvars IMR , a(code year) cluster(code)

reghdfe Score_w soedum $allvars Top5_w Board_w Dual , a(code year) cluster(code)

*Mechanism analyses

1. SA

reghdfe absSA_w soedum $allvars , a(code year) cluster(code)

predict pabsSA_w

reghdfe Score_w pabsSA_w $allvars if absSA_w!=., a(code year) cluster(code)

2. AbsDA

reghdfe AbsDA_w soedum $allvars , a(code year) cluster(code)

predict pAbsDA_w

reghdfe Score_w pAbsDA_w $allvars if AbsDA_w!=., a(code year) cluster(code)

*Heterogeneity test

1. EPU

reghdfe Score_w soedum $allvars if highepu==1, a(code year) cluster(code)

reghdfe Score_w soedum $allvars if highepu==0, a(code year) cluster(code)

reghdfe Score_w i.soedum##i.highepu  $allvars , a(code year) cluster(code)


2. GDP Growth

reghdfe Score_w soedum $allvars if high_gdp_grow==1, a(code year) cluster(code)

reghdfe Score_w soedum $allvars if high_gdp_grow==0, a(code year) cluster(code)

reghdfe Score_w i.soedum##i.high_gdp_grow $allvars , a(code year) cluster(code)

3. Leverage

reghdfe Score_w soedum $allvars if high_lev==1, a(code year) cluster(code)

reghdfe Score_w soedum $allvars if high_lev==0, a(code year) cluster(code)

reghdfe Score_w i.soedum##i.high_lev $allvars , a(code year) cluster(code)

4. TobinQ

reghdfe Score_w soedum $allvars if high_TobinQ==1, a(code year) cluster(code)

reghdfe Score_w soedum $allvars if high_TobinQ==0, a(code year) cluster(code)

reghdfe Score_w i.soedum##i.high_TobinQ $allvars , a(code year) cluster(code)

